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raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar deficit every single year. if we went back to zero, that's true. right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of tha
raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar...
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Dec 10, 2012
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the white house and congress appear to be at at impasse, you know by now is crippling spending and tax hikes and could cost us jobs and send us back into recession and to solve the problem, republicans say we must prevent our ballooning national debt from crushing generations. and chief white house correspondent now ed henry joins us by phone with the latest on this breaking story, ed, they kept this under wraps. how big after deal is this? >> good evening, harris, there's not a deal yesterdt. but it's significant it's almost a month since speaker boehner and the president sat down at the white house. that's ever significance, there's been scattered phone calls and one plan the president put on the table, quickly rejected by the republicans and speaker boehner put a counter offer on the table and the white house dismissed that one so much so it's not really a real plan and that they would not offer a second counter. so the bottom line, this thing is stalled for weeks now. the fact that these two men got together quietly at the white house and sat down ph face-to-face, they're trying to
the white house and congress appear to be at at impasse, you know by now is crippling spending and tax hikes and could cost us jobs and send us back into recession and to solve the problem, republicans say we must prevent our ballooning national debt from crushing generations. and chief white house correspondent now ed henry joins us by phone with the latest on this breaking story, ed, they kept this under wraps. how big after deal is this? >> good evening, harris, there's not a deal...
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Dec 9, 2012
12/12
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FOXNEWSW
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the bush tax cuts lapse. what they're talking about is let's extent bush tax cuts for the 98%, let them go up maybe not 39.6% but 37%, something like that. then next year, when the republicans have more leverage with the debt ceiling and also with the government running out of money, that's the point they go after the president on spending. both social programs as well as entitlement reform. i'm not sure you're going to get a big deal right now but you might get enough to avoid the fiscal cliff and then more fighting next year over spending. >> will republicans accept a 38% tax rate for the wealthy? and will democrats accept reductions in entitlement spending? >> that's a good question. corker would accept 37% but he speaks for a few senators. he doesn't speak for the house republican majority and john boehner though it seems to be moving that direction. i'm not sure the president would accept 37% because i'm not sure he gets enough money. you need enough money, whether there's some -- yes, partial increase i
the bush tax cuts lapse. what they're talking about is let's extent bush tax cuts for the 98%, let them go up maybe not 39.6% but 37%, something like that. then next year, when the republicans have more leverage with the debt ceiling and also with the government running out of money, that's the point they go after the president on spending. both social programs as well as entitlement reform. i'm not sure you're going to get a big deal right now but you might get enough to avoid the fiscal cliff...
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Dec 8, 2012
12/12
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the company gets a tax credit equal to those taxes in a confidential document. all over the place, that's what's happening. our tax dollars are being diverted to corporations through gifts, through tax credits, through all sorts of different mechanisms. >> how do we get into a conversation where we can talk about these elements rather than this sort of manufactured crisis? >> here is the thing. in your book, you really draw it here, the fact that these businesses are built a lot on ignorance. i have to say, a lot of industries, including the financial industry, is built on the fact that you have a bunch of people that know their product and how to structure it so that regular folks don't know what's going on. i don't think people are ignorant. people are really, really smart. there is so much to know when you have a giant corporation coming in and basically structuring everything so they can take those bank fees that never used to be there anymore and all those other fees you outlined. with the fiscal crisis, it is a matter of understanding. when you look at the
the company gets a tax credit equal to those taxes in a confidential document. all over the place, that's what's happening. our tax dollars are being diverted to corporations through gifts, through tax credits, through all sorts of different mechanisms. >> how do we get into a conversation where we can talk about these elements rather than this sort of manufactured crisis? >> here is the thing. in your book, you really draw it here, the fact that these businesses are built a lot on...
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Dec 9, 2012
12/12
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WJLA
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that's their trump card, as well. >> you are focused on taxes. much of the conversation has been on taxes and raising rates and revenue. we are not seeing the same conversation when itomes to size able spending cuts. >> i think what the president has said -- and this is the word inside the white house, as well. the president has come up with some substantial cuts in the increase, the scheduled increases in medicare and also medicaid and those cuts have to do with pushing and squeezing suppliers, using bargaining leverage of medicare and medicaid to get them to reduce costs. that was at issue during the kman. remember the romney and ryan were claiming t the president w taking too much out of medicare. the president is saying i have done that and i'm putting $400 billion of additional cuts on the table and that's all i'm go ing to do. that's all i can do politically. i i've got a lot of democrats who i don't want medicare and social security touched. >> of course the whole irresponsible actions of both sides going on vacation. there have been sugge
that's their trump card, as well. >> you are focused on taxes. much of the conversation has been on taxes and raising rates and revenue. we are not seeing the same conversation when itomes to size able spending cuts. >> i think what the president has said -- and this is the word inside the white house, as well. the president has come up with some substantial cuts in the increase, the scheduled increases in medicare and also medicaid and those cuts have to do with pushing and...
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Dec 6, 2012
12/12
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taxes. negotiations between the white stalled. president obama says he will not sign a bill "without" a taxxincrease on incomes over two hundred fifty thousand dollars or more. offer by republican john boehner has not only been rejected by theeadministration party. if a deal sn't made by december thirty-first, automatic tax increases and budget cuts will kiik in by the new year. sooe maryland leaders are speaking out against the fedd' decision to deny aid to hurriiane sandy victims in ur hundreds of residents along the eastern shore were devvstated whennsuperstorm sandy unleashed her fury in pctober. bbt according to the federal emergeecy management agency... tte damage wasn't enough tt warrrnt áindividualá aid. at a senatt aappopriations hearing today... senators barbara challenged fema leaders to re-think their decisson. 1:24 we in maryland have sooe of the most prosperous counttes in america but we also haae someeof the most &ppoor and that's who got hit b this storm 33 governor marrin o'malley has already vowed to appeal fem
taxes. negotiations between the white stalled. president obama says he will not sign a bill "without" a taxxincrease on incomes over two hundred fifty thousand dollars or more. offer by republican john boehner has not only been rejected by theeadministration party. if a deal sn't made by december thirty-first, automatic tax increases and budget cuts will kiik in by the new year. sooe maryland leaders are speaking out against the fedd' decision to deny aid to hurriiane sandy victims in...
SFGTV2: San Francisco Government Television
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Dec 3, 2012
12/12
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it will take taxes and it will take reduction in commitments that have been made. it now can be validated. let's get this but do it in a way that exacerbates the uncertain economy. the second -- we have to happen through innovation. whether it is the space program or tax credits for renewable energy. all that is important. we have to keep that going. that will get hard because we will face is demographics. that is my 74th birthday on april 7. i am aware of the and aging population which i have become and we are an aging population relative to what we were. luckily, we have millions of fresh arrivals that are younger and are energetic and they come from all over the world. we have to make sure our education system lifts them to their highest aspirations. when the society ages, it tends to -- it declines. that is the big demographic imperative. i was reviewing one of my favorite books on the roman republic. how did this village on the tiber grow to be the absolute leader of the known world in a few hundred years? it expanded its territory by plunder, by what ever. de
it will take taxes and it will take reduction in commitments that have been made. it now can be validated. let's get this but do it in a way that exacerbates the uncertain economy. the second -- we have to happen through innovation. whether it is the space program or tax credits for renewable energy. all that is important. we have to keep that going. that will get hard because we will face is demographics. that is my 74th birthday on april 7. i am aware of the and aging population which i have...
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Dec 6, 2012
12/12
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WBAL
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loopholes, not by raising tax rates on the top earners as the president had demanded. this comes as a new poll suggests americans agree with the president. 40% want to that tax cuts expire for the wealthy. 32 percent say they should continue for everyone. more downsizing -- news from citigroup. they announce they are cutting 11,000 jobs worldwide. they're closing branches. a spokesperson says less than 1% of 3600 citibank employees in maryland will be laid off. one branch in the state will close in the glen burnie. a new annapolis fire department is getting over $200,000 in a grant from fino. congressmen -- fema. congressman judge sought -- john sarbanes said it will go to upgrading the fire station. some say fema is not that generous when it comes to aid for victims of superstore sandy. >> maryland woke up to this headline -- u.s. denies aid to more storm victims. this is the picture of the face of maryland during the storm. >> barbara mikulski spoke earlier at the senate appropriations subcommittee on hurricane sandy disk -- expressing her disbelief they denied the r
loopholes, not by raising tax rates on the top earners as the president had demanded. this comes as a new poll suggests americans agree with the president. 40% want to that tax cuts expire for the wealthy. 32 percent say they should continue for everyone. more downsizing -- news from citigroup. they announce they are cutting 11,000 jobs worldwide. they're closing branches. a spokesperson says less than 1% of 3600 citibank employees in maryland will be laid off. one branch in the state will...
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Dec 10, 2012
12/12
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they are accepting that wealthy americans will get a tax hike. they have asked congress to work through the hold daybreak. >>> the federal reserve is expected to announce an expansion of the stimulus program this week. experts predict the fed will extend the program of buying $85 billion of securities each month into the new year the announcement is expected tomorrow or wednesday. >>> and a new service shows pay for college presidents continues its up ward climb. the chronicle of higher education studied data from 2010 and the median compensation rose about $400,000. that's up nearly 3%. for those of you about to go into college or starting college, may want to think of that for a career. pays pretty well. >> 400 grand, that works for me. >> no kidding that sounds good. thanks so much. >> see you guys. >>> it is 6:48, time to take a look at what's coming up a little bit later on cbs this morning. >>> charlie rose joins us from new york. >> good morning charlie. >>> good morning frank and michelle, president obama and house speaker boehner met on
they are accepting that wealthy americans will get a tax hike. they have asked congress to work through the hold daybreak. >>> the federal reserve is expected to announce an expansion of the stimulus program this week. experts predict the fed will extend the program of buying $85 billion of securities each month into the new year the announcement is expected tomorrow or wednesday. >>> and a new service shows pay for college presidents continues its up ward climb. the chronicle...
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Dec 9, 2012
12/12
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WBAL
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they want to about to the president's demand that taxes go up for the wealthy. >> will i accept a tax increase to actually solve our problems? yes. >> we have one house and that's it. this is in the democrats' hands. >> we agree on 98% of this, to me, i would just get it off the table also they don't worry about it. >> they agreed that visits are going up on the rich no matter what. >> you cannot generate enough revenue to have meaningful deficit reduction. >> republicans want a big spending cuts from programs like medicare and social security. >> we do not want to be here in another year or attend. >> on both sides of pennsylvania avenue, from main street to wall street, americans are waiting to see who will blink first. both are eager to wind down the crisis, but no one wants to walk away in defeat. , wbal-tv 11 news. >> an update on a former president in the hospital. >> former president george h. w. bush remained unstable condition for treatment of a bronchitis- related costs. and has been two weeks since he was admitted for treatment. they say there's no change in the four presid
they want to about to the president's demand that taxes go up for the wealthy. >> will i accept a tax increase to actually solve our problems? yes. >> we have one house and that's it. this is in the democrats' hands. >> we agree on 98% of this, to me, i would just get it off the table also they don't worry about it. >> they agreed that visits are going up on the rich no matter what. >> you cannot generate enough revenue to have meaningful deficit reduction....
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Dec 4, 2012
12/12
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higher taxes hurt economic growth. people say it doesn't hurt it and they are saying of all the possible answers i will pick the extreme one, which is zero. what is most iportant? millions are out of work, we have incomes that have not grown but they have fallen. i would think growth is the priority. >>neil: is that going do mean more dividends next year to make up for the tax hit they will face? will they still cash out with the dividends? isn't that going do lead to a market tank? >>guest: one of the things, what we are seeing right now is the first evidence that companies' investors know the fiscal cliff is coming and when we get closer that is when the market will tank. >>neil: take your money and run. >>guest: for political pumps folks are willing to go over. that is dangerous much next year if we go over the cliff, all bets are off and we are in a recession. >>neil: you are not competent? >>guest: i don't like the way this is going. this is not two parties sitting down and saying we have a serious national proble
higher taxes hurt economic growth. people say it doesn't hurt it and they are saying of all the possible answers i will pick the extreme one, which is zero. what is most iportant? millions are out of work, we have incomes that have not grown but they have fallen. i would think growth is the priority. >>neil: is that going do mean more dividends next year to make up for the tax hit they will face? will they still cash out with the dividends? isn't that going do lead to a market tank?...
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we are just over three weeks away from falling over the so-called fiscal cliff, that combination of tax increases and deep federal spending cuts. nancy cordes reports the back-and-forth showed no sign of letting up today 20 white house and the republicans in congress. >> reporter: in his saturday weekly address, president obama signaled he is open to making cuts on programs like medicare and medicaid if republicans agree to raise tax rates for the rich. >> i'm willing to find ways to bring down the cost of health care without hurting seniors and other americans who depend on it. and i'm willing to make more entitlement spendings cuts on top of the $1 trillion in spending cuts i signed into law last year. >> reporter: his remarks came one day after house speaker john boehner announced the talkes were stalled. >> well, this isn't a progress report because there's no progress to be report. >> reporter: his democratic counter-part ploals blamed boehner for the stalemate. >> what they offered in return was an empty letter lacking in specifics. >> reporter: such is the state of negotiations 2
we are just over three weeks away from falling over the so-called fiscal cliff, that combination of tax increases and deep federal spending cuts. nancy cordes reports the back-and-forth showed no sign of letting up today 20 white house and the republicans in congress. >> reporter: in his saturday weekly address, president obama signaled he is open to making cuts on programs like medicare and medicaid if republicans agree to raise tax rates for the rich. >> i'm willing to find ways...
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republicans are sticking to their position that tax cuts should be extended for all americans. danielle nottingham reports for wjz from washington. >>> lawmakers are getting an earful about why they need to avoid the so-called fiscal cliff. >> you have to nail this down. uncertainty is killing us. >> reporter: top economists talked about the impact of tax increases and government spending cuts on the middle class. >> a couple thousand dollars, means a couple months rent for this family. >> reporter: the white house has made clear the country could go over the cliff, if republicans refused to raise taxes on the top 2% of american earners. >> for them to be burdened, unnecessarily, because democrats and republicans aren't coming together to solve this problem, gives you a sense of the costs involved in very personal terms. >> reporter: republican leaders say they will close loopholes loopholes and eliminate tax breaks to raise money. but insist that bush-era tax cuts must be extended for all americans. >> reporter: the standoff and the country's skyrocketing debt, concerns ryan s
republicans are sticking to their position that tax cuts should be extended for all americans. danielle nottingham reports for wjz from washington. >>> lawmakers are getting an earful about why they need to avoid the so-called fiscal cliff. >> you have to nail this down. uncertainty is killing us. >> reporter: top economists talked about the impact of tax increases and government spending cuts on the middle class. >> a couple thousand dollars, means a couple months...
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Dec 3, 2012
12/12
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CNBC
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first taxes don't data. what about taxes. his take on the cliff hanger and why investors shouldn't worry about taxes. and dell trade or trap? goldman jumps on the band wagon. 2012 gold rush. why are americans stocking up on gold coins? is it another way to say diversify? we have to get straight to our top story and tonight that is will the cliff ruin christmas? the rhetoric cnbc has the latest including the white house response to the gop proposal. >> just within the past few minutes we have gotten the white house's response to the boehner counter proposal to the white house proposal last week. the white house doesn't like the proposal from bane kpp today. dan fifer saying the republican la letter does not meet the balance and sticks the middle class with the bill. clearly what we are seeing is a negotiation. the white house doesn't like what they have been presented and now the offers and counteroffers will continue to fly and will start to get a little more close to one another. neither one of these as they have been laid o
first taxes don't data. what about taxes. his take on the cliff hanger and why investors shouldn't worry about taxes. and dell trade or trap? goldman jumps on the band wagon. 2012 gold rush. why are americans stocking up on gold coins? is it another way to say diversify? we have to get straight to our top story and tonight that is will the cliff ruin christmas? the rhetoric cnbc has the latest including the white house response to the gop proposal. >> just within the past few minutes we...
SFGTV2: San Francisco Government Television
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Dec 5, 2012
12/12
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SFGTV2
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making sure the government supports research at the deepest trouble and is providing not just grants but tax credits. the focus on making sure that we're building a culture of innovation. colorado is the last three years when there were no jobs anywhere, more 25-34 year-old came to call rudder than any other state in the country. -- colorado more than any other state in the country. we want to make sure they are employed in innovative companies that have an opportunity for full education and research. there has to be a culture fun -- from the federal grant all the way down in research. they should hammer out what the appropriate compromise is to repatriate all those overseas profit corporations are not putting back into our or economy. the largest beneficiary would be california. we want to see what the cutting edge is. most of a still look for california. -- loomost of us still look to california. what governor brown said about the traditional politics is all about taking the thing in making it fresh. to a certain extent, i tried to be a writer in college. i failed miserably. a professor sa
making sure the government supports research at the deepest trouble and is providing not just grants but tax credits. the focus on making sure that we're building a culture of innovation. colorado is the last three years when there were no jobs anywhere, more 25-34 year-old came to call rudder than any other state in the country. -- colorado more than any other state in the country. we want to make sure they are employed in innovative companies that have an opportunity for full education and...
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Dec 10, 2012
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WMAR
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. >> let's face it he has the upper happened on taxes. you have to pass something to keep that from happening. >> reporter: why the compromising words? the white house moderated demands. the president says tax rates for the wealthy have to rise but now word that the actual rate could be negotiable. maybe not all the way back to 39.6%. >> will i accept a tax increase as a part of a deal to actually solve our problems? yes. >> reporter: those problems according to republicans entitledments and a democrat embraced a way called medicare cost those that make more have to pay more. >> those of with us higher income and retirement should pay more than could be part of the solution. >> reporter: it is a two man negotiate with the speakerfeeling the heat from the right. saturday night live suggested republicans are bullying boehner in the cafeteria. >> not a single member of theparty willing to share his company. he didn't have any milk to drink because, well, tell them why. >> because they took my milk and threw it in the garbage. >> reporter: so
. >> let's face it he has the upper happened on taxes. you have to pass something to keep that from happening. >> reporter: why the compromising words? the white house moderated demands. the president says tax rates for the wealthy have to rise but now word that the actual rate could be negotiable. maybe not all the way back to 39.6%. >> will i accept a tax increase as a part of a deal to actually solve our problems? yes. >> reporter: those problems according to...
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Dec 7, 2012
12/12
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WBAL
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starbucks is foregoing certain tax deductions that helped reduce its tax bill to zero in britain agreeing to pay $32 million it does not owe. >>> the securities and exchange commission says netflix chief reed hastings may have violated fair disclosure rules with a facebook post saying monthly streaming hours had past 1 billion. netflix stocks soared 6% that day. >>> ibm is revamping its retirement plans contributing to employee 401 k accounts just once a year. >> "the wall street journal" reports the washington post will soon begin charging for online articles after a certain number of free ones. >>> sad news out of chicago where the maker of the academy awards oscar statue wets is planning to layoff nearly 100 workers before christmas. >>> finally, 'tis is the season for a holiday party essential, at least the fun holiday paerlts, the ugly christmas sweater. what if you don't owe one? there's one high schooler who can help you out with that. he buys them up and sells them on his website for, get this, 20 to 50 bucks each. he does this all from his parents' basement. little zuckerberg in
starbucks is foregoing certain tax deductions that helped reduce its tax bill to zero in britain agreeing to pay $32 million it does not owe. >>> the securities and exchange commission says netflix chief reed hastings may have violated fair disclosure rules with a facebook post saying monthly streaming hours had past 1 billion. netflix stocks soared 6% that day. >>> ibm is revamping its retirement plans contributing to employee 401 k accounts just once a year. >>...
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Dec 5, 2012
12/12
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KBCW
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the president will not sign anything without a tax increase for the nation's highest earners. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> the gop counter offer calls for raising $800 billion in revenue without raising taxes. jay carney liken today to magic beans and fairy dust. >>> still counting the multibillion dollars vote that will not die. and how much the recount is costing bay area taxpayers. >> and the day after an epic evening commute meltdown, muni decides to let one group of passengers ride for free. >> and here comes flu season. why this year may or may not be different than normal. government after being toldo shut down. drakes bay oyster company >>> the owners of an oyster farm are suing the federal government after being told to shut town. they were hoping to -- shut down. they were hoping to get a 10-year extension in the next lease, but in a move by local environmentalists, the secretary of the interior refused. the company says the decision violates a state water lease and 10 million oysters
the president will not sign anything without a tax increase for the nation's highest earners. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> the gop counter offer calls for raising $800 billion in revenue without raising taxes. jay carney liken today to magic beans and fairy dust. >>> still counting the multibillion dollars vote that will not die. and how much the recount is costing bay area...
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Dec 4, 2012
12/12
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CNBC
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they didn't extend the bush tax cuts until december 17th. they didn't handle the payroll tax until december 23rd. i lived inside the beltway. i have a pretty good network on the hill. i think they're going to have some kind of staged in agreement and then agree to attack the entitlement situation in the new year. >> michael, what do you make of what's going on? how do you try and trade this? at least we had some volatility the traders could trade on. now we don't have that. >> i think the lower volatility is telling you this is an extremely resilient stock market. i've been calling this the rocky balboa stock market. the entire scenario playing out is the fiscal cliff ends up being bullish no matter what. spending cuts makes bonds rise, yields fall and making stocks paradoxically even more attractive. they become the new bonds. >> alan, can you tell from option activity which way the markets are betting right now, presuming that not going over the fiscal cliff would be positive for stocks and going over the cliff would be negative? what's th
they didn't extend the bush tax cuts until december 17th. they didn't handle the payroll tax until december 23rd. i lived inside the beltway. i have a pretty good network on the hill. i think they're going to have some kind of staged in agreement and then agree to attack the entitlement situation in the new year. >> michael, what do you make of what's going on? how do you try and trade this? at least we had some volatility the traders could trade on. now we don't have that. >> i...
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Dec 7, 2012
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businesses and investors are unsure about what their tax burdens will be like this year. the impact that the fiscal cliff could have on the economy will go up across the board. >> as we get closer and closer to the end of the year i think the uneasiness will continue and the worry we might not see a resolution is going to effect our market. >> it has an impact or hiring as well. physical we go over the cliff the long-term benefits will in fact expire at the end of the year. as the president visited a family in virginia to talk about tax hikes on the wealthy there were few talks on if is clal cliff talks. >> i am not going to sign any package that somehow prevents the top rates from going up for folks at the top two percent. >> this isn't about getting a handle on debt for him it's about spending more than he already has. >> as far as the unp employment numbers are concerned today there is little doubt that super storm sandy had an impact on those. the expectation is that it dissipated a great degree. back to you guys. >>> doug luzader in washington, thank you. >> it is ti
businesses and investors are unsure about what their tax burdens will be like this year. the impact that the fiscal cliff could have on the economy will go up across the board. >> as we get closer and closer to the end of the year i think the uneasiness will continue and the worry we might not see a resolution is going to effect our market. >> it has an impact or hiring as well. physical we go over the cliff the long-term benefits will in fact expire at the end of the year. as the...
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Dec 4, 2012
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taxes on the wealthy. frn in a letter to the president, republicans attempted to sell the offer as the erskine bowles plan, comparing it to the same offer he drew up last year. >> i think he'd disagree. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my plan, first of all, 98% of folks who make less than 250,000, you wouldn't see your income taxes go up a single dime. all right? because you're the ones who need relief. but we're not going to be able to get it done unless we also ask the wealthiest households to pay higher taxes on their income officials $250,000. the same rate we had when bill clinton was president and our economy kree aed nearly 23 million new jobs. >> and there are reports that republicans are considering a doomsday plan should talks break down. according to senior rep
taxes on the wealthy. frn in a letter to the president, republicans attempted to sell the offer as the erskine bowles plan, comparing it to the same offer he drew up last year. >> i think he'd disagree. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my...
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Dec 5, 2012
12/12
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WMAR
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today, the government is warning that reverse mortgages are not free money. >> turn their equity into tax free cash. >> give you tax free cash. >> they are not being told about the down side. >> reporter: right now in america, 57,000 seniors in reverse mortgages are in danger of losing their home. a nearly 10% foreclosure rate, four times higher than traditional mortgages. tomorrow, the department of housing and urban development will recommend congress prohibit large lump sum payments. and recommend seniors be very careful with reverse mortgages. is a reverse mortgage the last option? >> i really think it should be. absolutely. >> reporter: an option -- >> wonderful house. >> reporter: -- linda mcmahon regrets taking. >> i hope somebody will enjoy it. >> reporter: jim avila, abc news, washington. >>> now, our made in america team is back in action, because 40% of retail sales take place between thanksgiving and christmas. and, the more items we buy made in america, the more american jobs we can create together. and there's proof tonight. one of your ideas led abc's david muir to the icon
today, the government is warning that reverse mortgages are not free money. >> turn their equity into tax free cash. >> give you tax free cash. >> they are not being told about the down side. >> reporter: right now in america, 57,000 seniors in reverse mortgages are in danger of losing their home. a nearly 10% foreclosure rate, four times higher than traditional mortgages. tomorrow, the department of housing and urban development will recommend congress prohibit large...
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republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of that coming from higher taxes on households making more than $250,000. the president and his negotiators have told republicans there won't be a fiscal cliff deal without that tax increase. the white house today dismissed that counteroffer as nothing new and urged republicans to "get serious about the fiscal cliff negotiations." but, scott, that's exactly what republicans were saying about the president on friday. >> pelley: wyatt, thank you. the president has not decided whether to order an end to a strike that has crippled traffic at the nation's two busiest seaports. the ports of los angeles and long beach shut down after a few dozen clerical workers walked off the job and dock workers refused to cross their picket line. bill whitaker has the latest. >> reporter: 11 huge cargo ships are stuck offshore, piled high with containers of food, toys, lumber. 14 others sit untouched at the docks. >> if you guys could sta
republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of that coming from higher taxes on households making more than $250,000. the president and his negotiators have told republicans there won't be a fiscal cliff deal without that tax increase. the white house today dismissed that counteroffer as nothing new and urged republicans to "get serious about the fiscal cliff...
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Dec 10, 2012
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the internet giant stashing billions in tax shelters to avoid paying taxes. is that fair play or outrageous corporate behavior? especially in this climate. well talk about that. but first, markets are generally higher. dow jones industrial average up 29 points on the day. nasdaq is up 7. and s&p 500 up about 1 1/2. >> they've been that way about the last ten days or two weeks or so. 21 days until america goes over the cliff or not. president obama meeting with the house speaker boehner in a closed door session over the weekend. yesterday in fact. trying to hammer out a deal. we hope you watch the redskins win over the ravens there in the last minute. president set to speak later at an auto plant in michigan about his planes it raise taxes on the rich. our chief political correspondent live at the white house with the latest. hi, john. >> hi, tyler. it is glammy and overcast in washington today but everybody is looking for bright signs about the fiscal cliff. we have a bright side yesterday when john boehner came here to the white house. house speaker to talk
the internet giant stashing billions in tax shelters to avoid paying taxes. is that fair play or outrageous corporate behavior? especially in this climate. well talk about that. but first, markets are generally higher. dow jones industrial average up 29 points on the day. nasdaq is up 7. and s&p 500 up about 1 1/2. >> they've been that way about the last ten days or two weeks or so. 21 days until america goes over the cliff or not. president obama meeting with the house speaker...
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geithner said the president is absolutely willing to go off the cliff unless republicans agree to raise tax rates. >> there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> reporter: and on that, no progress. >> where are the specifics? where are the discussions? nothing is going on. >> reporter: there have been no real talks between the white house and republicans for a week. but late today, diane, one possible sign of progress. the president and the speaker of the house spoke via telephone. neither side would give any details about what was said, but the stock market closed higher today with traders, at least, apparently optimistic that a deal will be reached. >> one phone call can do that. okay, thank you, jonathan karl. >>> and now, we head overseas to cairo. another day of bloodshed and chaos there. battles erupting in the streets. look there, outside the presidential palace. between those two support between those who support egyptian president morsi and those who want him to go. both sides u
geithner said the president is absolutely willing to go off the cliff unless republicans agree to raise tax rates. >> there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> reporter: and on that, no progress. >> where are the specifics? where are the discussions? nothing is going on. >> reporter: there have been no real talks between the white house and republicans for a week....
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Dec 5, 2012
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let's let tax rates on the upper income folks go up. and then let's set up a process with a time certain at the end of 2013 or the fall of 2013 where we work on tax reform, we look at what loopholes and deductions both democrats and republicans are willing to close, and it's possible that we may be able to lower rates by broadening the base at that points. >> in the meantime, now the gop is fighting with itself. speaker boehner is facing growing backlash from the more conservative wing of his party. at issue, the $800 billion in new tax revenue he proposed in a fiscal cliff deal which the white house quickly rejected because it does not raise taxes on the wealthy but aims to get the money through cuts in deductions. senator jim demint denounced boehner's plan as a tax hike that will, quote, destroy american jobs and allow politicians in washington to spend even more. senate minority leader mitch mcconnell also distanced himself from the boehner plan declining to endorse it yesterday. >> we've wasted enormous amount of time here sparring
let's let tax rates on the upper income folks go up. and then let's set up a process with a time certain at the end of 2013 or the fall of 2013 where we work on tax reform, we look at what loopholes and deductions both democrats and republicans are willing to close, and it's possible that we may be able to lower rates by broadening the base at that points. >> in the meantime, now the gop is fighting with itself. speaker boehner is facing growing backlash from the more conservative wing of...
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Dec 7, 2012
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the arguments for higher taxes for the wealthy are getting very tense. ann coulter even tried a reality check on sean hannity. >> are you saying, then, for pr purposes, that they should give in to obama on the tax rate? >> not exactly. well, yeah, i guess i am, but -- >> you're saying capitulate to obama, who -- we don't have a revenue problem, ann. >> we lost the election, sean. >>> meanwhile, the house of representatives passed legislation yesterday removing the word lunatic from all federal laws. it's the latest move by congress to remove language seen as demeaning or out of date, like lunatic. >>> and in australia, prime minister julia gillard talked about the supposed prediction by the mayan calendar that the end of the world is coming in two weeks. well, she did it for a comedy video for a radio show. >> i'm confident in the prediction that the world is about to end. whether the final blow comes from flesh-eating zombies, demonic hill beasts or from the total triumph of cable, if you know one thing about me, it is this, i will always fight for you
the arguments for higher taxes for the wealthy are getting very tense. ann coulter even tried a reality check on sean hannity. >> are you saying, then, for pr purposes, that they should give in to obama on the tax rate? >> not exactly. well, yeah, i guess i am, but -- >> you're saying capitulate to obama, who -- we don't have a revenue problem, ann. >> we lost the election, sean. >>> meanwhile, the house of representatives passed legislation yesterday removing...
SFGTV2: San Francisco Government Television
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Dec 5, 2012
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we can talk about regulation and pension and taxes and the government. a lot of that is [inaudible] a survey said housing prices are too high and that is a negative factor on recruitment. i thought, maybe we can bring the prices down. foreclosure works magic. i do not think you want that. you want rising wealth which could translate into a rising houses -- housing prices. you can increase density and breakdown similar rules, you get more people. there's a lot of things. as i drove down here from oakland cut -- oakland, i saw those cars in the ordinary lanes. one person per car. you have this one person with all this steel and plastic and oil. it is ridiculous. we're figuring out ways to do that. whether it is high speed rail or electric cars. the first will be rolling off the factory in treatments in the next few months -- in three months and in the next few months. yes, the innovative companies are small. the electric cars -- the tanks are small but so is fairchild or in tal or hewlett-packard -- intel or hewlett-packard or steve jobs. the seats we plan
we can talk about regulation and pension and taxes and the government. a lot of that is [inaudible] a survey said housing prices are too high and that is a negative factor on recruitment. i thought, maybe we can bring the prices down. foreclosure works magic. i do not think you want that. you want rising wealth which could translate into a rising houses -- housing prices. you can increase density and breakdown similar rules, you get more people. there's a lot of things. as i drove down here...
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to drive or not to drive how do you handle tax or not taxing people who grow pot their windowsill but if the feds invade the state this is a beginning and it provokes a lot of questions but it's going to be very interesting to watch washington state and colorado figure out the answers to. it's thursday so let's get some super smart sparrows and we humans see cigarette butts scattered in city streets or an ashtray outside a building we generally think of them as a nuisance an eyesore but when cute little sparrows see cigarette butts they think of themselves a great way to stay warm and to ward off annoying pests like these little mites of lice that birds get at least those of the findings coming out of a study was conducted at the national autonomous university in mexico a team of researchers monitored fifty seven sparrow nests in mexico city and found that the number of parasites and bugs in them decreased as the number of cigarette butts in each test increased sparrow nest used in the study had between zero and thirty eight cigarette butts in them with an average of eight butts per n
to drive or not to drive how do you handle tax or not taxing people who grow pot their windowsill but if the feds invade the state this is a beginning and it provokes a lot of questions but it's going to be very interesting to watch washington state and colorado figure out the answers to. it's thursday so let's get some super smart sparrows and we humans see cigarette butts scattered in city streets or an ashtray outside a building we generally think of them as a nuisance an eyesore but when...
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Dec 10, 2012
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plus what the additional taxes. $1 trillion that are in new taxes on obamacare. most of them on the wealthy. plus, then, hit them on the deduction side. they will be paying top marginal rate of 40%. effective rate that is four or five or six rate ace head. >> bret: make believe you want to get to compromise. there is an easy way to get there. the president said i need $800 billion at revenue, there is a way to get there. let us not discriminate -- let's go simpson-bowles. let's let everybody decide how much they want to use for whatever deduction. maybe you want to use for education. maybe you want to use it for your home. maybe you need it for healthcare. let's cap it. itemize deductions at a certain amount. if you cap at $25,000, you can lower all tax rates 20%. plus kill the alternative minimum tax forever and still have $1.3 trillion in revenue. if you do it at $50,000, cap. it gives you $800 billion. >> i like this idea when i first heard it but there are problems and intended consequences. for instance, you wipe out charities. charitable giving changed radi
plus what the additional taxes. $1 trillion that are in new taxes on obamacare. most of them on the wealthy. plus, then, hit them on the deduction side. they will be paying top marginal rate of 40%. effective rate that is four or five or six rate ace head. >> bret: make believe you want to get to compromise. there is an easy way to get there. the president said i need $800 billion at revenue, there is a way to get there. let us not discriminate -- let's go simpson-bowles. let's let...
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Dec 5, 2012
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first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans of the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i sai
first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans of the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the...
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the taxes go up 9,000%. writers of the simpson, the taxes will skyrocket. this isn't a joke. >> bob: you are right. but this is not going to happen. there is adjustment to social security. real cuts. >> eric: you know what -- >> bob: can i say something? >> eric: you add ornaments to add things. in obama added this little thing the other day. he said i don't want a debt ceiling or bound like it going for it. debt doesn't matter. >> bob: respond to the social security thing. >> eric: obama in october of 2008 before he was president obama. season. >> the way bush has done it, over the last eight years is to take out a credit cardback of china in the game of the children, driving up the national debt. that is irresponsible and unpatriotic. >> eric: unpatriotic. $5 trillion in debt. president obama will add ten, 11, 12 trillion in debt. when he is done with this. >> for years, president obama running when he was senator, running for president always said that the bush tax cuts were only for the rich and only benefit the rich. now he says that the republicans ar
the taxes go up 9,000%. writers of the simpson, the taxes will skyrocket. this isn't a joke. >> bob: you are right. but this is not going to happen. there is adjustment to social security. real cuts. >> eric: you know what -- >> bob: can i say something? >> eric: you add ornaments to add things. in obama added this little thing the other day. he said i don't want a debt ceiling or bound like it going for it. debt doesn't matter. >> bob: respond to the social...
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Dec 10, 2012
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CNN
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will i accept a tax increase if it solves our problem? yes. >>> a cloud of political we have put ourselves into a hold. we're not going to raise taxes and borrow money and get out of it. will i accept a tax increase as part of a deal to solve our problems? yes. >> president obama wants republicans to sign off on the wealthy tax hike before any negotiations about send spending cuts dpin. >>> a cloud of political uncertainty hanging over venezuela. hugo chavez is traveling to cuba for surgery for a third time. this time he named the vice president to replace him in case something was to happen to them. earlier parliament votes unanimously to give him permission leave the country. >>> a man who shot three people to death on an indian reservation in california has been killed. police near fresno were involved in the shoot-out with the man that reportedly opened fire earlier on several people, three of whom died. his two young daughters were wounded, and police chased the suspect and said he shot at them, too. >>> the national menorah in front
will i accept a tax increase if it solves our problem? yes. >>> a cloud of political we have put ourselves into a hold. we're not going to raise taxes and borrow money and get out of it. will i accept a tax increase as part of a deal to solve our problems? yes. >> president obama wants republicans to sign off on the wealthy tax hike before any negotiations about send spending cuts dpin. >>> a cloud of political uncertainty hanging over venezuela. hugo chavez is traveling...
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Dec 5, 2012
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the tax hike on most americans if we go over the fiscal cliff and taxes go up across the board, $167 a month. that's about the same as two people's smartphones at home. that's not even a bill they had ten years ago. let's talk more about it. joining us, jared bernstein, senior fellow at the center on budget and policy priorities. nicole wu, director of domestic policy at the center for economic and policy research. jared, i'm not suggesting we go over it but i think you get my point. we spend a lot of money on a lot things, some of which we need, some of which we don't. why would a 200-month tax raise destroy the economy but spending $200 a month on a smartphone somehow doesn't? >> because of the aggregation problem. if you just look at one person it doesn't look so bad. but when you sum it up across 300 million americans and you factor in that 70% of our gdp is consumer spending, in europe it is about 55% so we're more dependent on the consumer for our growth -- then you understand why the congressional budget office -- i don't think they've ever done this before -- is actually pred
the tax hike on most americans if we go over the fiscal cliff and taxes go up across the board, $167 a month. that's about the same as two people's smartphones at home. that's not even a bill they had ten years ago. let's talk more about it. joining us, jared bernstein, senior fellow at the center on budget and policy priorities. nicole wu, director of domestic policy at the center for economic and policy research. jared, i'm not suggesting we go over it but i think you get my point. we spend a...
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Dec 4, 2012
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you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on the economic fortunes of this country. and if you take the vast majority of small businessmen who will be hit with an increased tax rate, you're going to markedly decrease the job creation and capital formation in this country. >> let me ask you another question, one of the things we talked about on both sides, i think it's fair to say is the lack of details. and second geithner was out trying to defend some of the details in his plan over the weekend. this letter also has very few details. i'm curious to know exactly what loopholes, what deductions would you kill
you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on...
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i repeat, zero tax increases. now, why would i do that? i mean i won the election. i had the leverage. why give in? well, simply put, i felt sorry for this man. earlier this week i found my way into the congressional cafeteria, and what i do see? john boehner sitting by himself. all alone. not a single member of his party wanted to share his company. he didn't even have any milk to drink because, well, tell them why, john. >> they had taken my milk and thrown it in the garbage. >> these are supposed to be his friends. his colleagues. but even at the hint that the taxes might be raised on his leadership watch, they turn on him. tell them what you found in your office desk. >> oh, i don't -- >> no, no. go ahead. hey, tell them what your so-called friends put in your office desk. >> it was a rubber snake. >> a rubber snake. and did it scare you? >> it did. >> i was so heartbroken to hear this, i said, look. how about this, john, if you agree to a 1% raise on the top two americans, just two people, i will resolve social security. resolve it. so we took it to the republi
i repeat, zero tax increases. now, why would i do that? i mean i won the election. i had the leverage. why give in? well, simply put, i felt sorry for this man. earlier this week i found my way into the congressional cafeteria, and what i do see? john boehner sitting by himself. all alone. not a single member of his party wanted to share his company. he didn't even have any milk to drink because, well, tell them why, john. >> they had taken my milk and thrown it in the garbage. >>...
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will i accept a tax increase if it solves our problem? yes. >>> a cloud of political uncertainty hanging over venezuela. hugo chavez is traveling to cuba for surgery for a third time. this time he named the vice president to replace him in case something was to happen to them. >>> a man who shot three people to death on an indian reservation in california has been killed. police near fresno were involved in the shoot-out with the man that reportedly opened fire earlier on several people, three of whom died. his two young daughters were wounded, and police chased the suspect and said he shot at them, too. >>> the national menorah in front of the white house, illuminated tonight, marking the start of hanukkah. of course, no hanukkah celebration would be complete without a spinning draddel. >> the big event at the nation's capital, president obama will be inaugurated for a second term and that means plenty of turnover among his top advisoriers. emily schmitt has a look at the upcoming cabinet. >> this is a wonderful opportunity for me to mee
will i accept a tax increase if it solves our problem? yes. >>> a cloud of political uncertainty hanging over venezuela. hugo chavez is traveling to cuba for surgery for a third time. this time he named the vice president to replace him in case something was to happen to them. >>> a man who shot three people to death on an indian reservation in california has been killed. police near fresno were involved in the shoot-out with the man that reportedly opened fire earlier on...
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not a tax problem. if you just give in and pay the higher tax rates or vote for higher tax rates, doesn't mean to say you're going to do anything for the deficit. a bad policy. but looked at strictly economically, forget the politics here, forget fiscal cliff, forget negotiations. you just look economically, raise taxes, you don't get all the money you think you are going to bring in. >> brian: real quick, kevin mccarthy, one of the young guns, was on "metropolitan the press" and said, good news. revenues are up 10%. that's because we seem to be turning around economically. here is the bad news, spending is up 16%. why? he's trying to explain to a very reluctant david gregory, why should we consider raising tax when is clearly the revenue is up, but the spending is up higher? >> the president wants to raise tax rates on people making more than 250,000. he thinks that will bring in $82 billion in one year. the experience of california and other countries is that you will not bring in $82 billion. you bri
not a tax problem. if you just give in and pay the higher tax rates or vote for higher tax rates, doesn't mean to say you're going to do anything for the deficit. a bad policy. but looked at strictly economically, forget the politics here, forget fiscal cliff, forget negotiations. you just look economically, raise taxes, you don't get all the money you think you are going to bring in. >> brian: real quick, kevin mccarthy, one of the young guns, was on "metropolitan the press"...